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The Real Deal Miami

Wealthy buyers driving Miami market

July 27, 2011 11:12AM

Affluent buyers, especially those from Latin America, are driving
Miami’s residential market, with sales up to a level of activity few
expected. Home sales in the Miami metro area rose 16 percent from 2010
in the first half of the year, according to research firm DataQuick. Gil
Dezer’s Trump Towers project has just 12 percent of the condominium units in the
two-tower complex remaining. “The Brazilians walk in, they don’t even
negotiate,” Dezer said. “It’s a no-brainer for them.” Dezer said he
planned on announcing two new projects by the end of this year.
According to Peter Zalewski, founder of Condo Vultures, the foreclosure
freeze initiated after allegations arose of a robo-signing scandal was a
welcome reprieve for the market. “People should thank the foreclosure
mills,” he said. [NYT]